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currency futures

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Guest (Querist)
03 January 2009 whether the profit or loss from currency futures will be the normal business income or speculative income? please resolve. given that currency futures are traded through National stock exchange from recognised broker.
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CA ABHISEK KUMAR SINGHANIA

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CA ABHISEK KUMAR SINGHANIA (Expert)
03 January 2009 Currency futures trading is same as the future trading in shares, only instead of shares currencies are traded and its tax implication will also be same as in the case of shares.
If your business is to trade in currency only than it will be your normal business income otherwise speculative.
Its true that NSE was the first to start currency future in India with 2 currencies ie. Re & $.
MCX & BSE is also in line to get such certification.
Thanks.
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